He also strongly batted for urgent UN reforms to mirror the current realities, saying the process should start this year, the 70th anniversary of the global body.
Hosting a summit of 14 island nations located in the strategically important Pacific region here, he pushed for balancing the global order on closer cooperation with these resource-rich countries.
He made a number of announcements aimed at deepening and broadening cooperation with these countries, including in the fields of disaster management, ocean research and education.
Addressing the second summit of Forum for India Pacific Island Countries (FIPIC), Modi announced the establishment of the FIPIC Trade Office in the Federation of Indian Chambers of Commerce and Industry in New Delhi, while observing that "trade, more than aid, is the enabler for development".
"We are at the cusp of a new era, where oceans, like Space, will become important drivers of our economies. Their sustainable use can bring prosperity; and, give us clean energy, new medicines and food security beyond just fisheries," he said.
"Our global challenges are similar. Climate change is an existential threat to the Pacific Islands. It is also taking a toll on the teaming millions on India s shoreline of 7500 kilometres and its nearly 1300 islands,  he said.

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